By IANS,
New Delhi : The government Friday said it has received valid bids worth Rs.12,766.75 crore for divesting its five percent stake in the Oil and Natural Gas Corporation (ONGC).
Total bids received at the auction of the government’s stake in the ONGC were worth Rs.16,460.02 crore for 54,06,12,890 shares.
The bids for 12,01,96,720 shares were cancelled due to insufficient funds, leaving the valid bids of 42,04,16,170 shares worth Rs.12,766.75 crore, according to data released by the finance ministry.
The offer for sale of shares through stock exchange mechanism for disinvestment of five percent paid-up equity capital of the ONGC, comprising of 42,77,74,504 shares, was conducted on both the National Stock Exchange and the Bombay Stock Exchange Thursday.
“The volume weighted average price was Rs.303.67 per share against floor price of Rs.290 per share,” the ministry said.
According to media reports, state-run Life Insurance Corporation (LIC) was asked to bid for a huge chunk of the shares at the last moment due to mute response from the private investors.
ONGC share price fell 2.22 percent to Rs.281.45 at the Bombay Stock Exchange (BSE) Friday.